Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks (SBUX) CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."

I'm not surprised. I was just thinking earlier as I was stirring my home brewed coffee how I used to go to Starbucks daily which would now cost me around $70 a month for a regular coffee and about $100 for the double cup size that I make myself (which costs me next to nothing). Besides which they had opened them literally across the street from each other where I live.